UPDATES FROM TAX GURU (in this message: 7 new items) SC would decide whether foreign airlines liable to deduct TDS on commissions to travel agents for rendering ticketing services. Air travels have to forego part of the commission they receive from airlines Applicability of year end rate for conversion of business income earned in foreign currency Allowability of depreciation on participatory right in the nature of license MAT need not be based on audited accounts not complying with the prescribed format: ITAT Mumbai Date for rolling out of GST could be announced on January 8 Excise duty exemptions will be phased out gradually in GST regime SC would decide whether foreign airlines liable to deduct TDS on commissions to travel agents for rendering ticketing services. Posted: 27 Dec 2009 07:09 AM PST The Supreme Court would decide whether foreign airlines are liable to deduct tax at source (TDS) on commissions paid to travel agents for rendering ticketing services. The issue for consideration before the apex court is if airlines would have to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Air travels have to forego part of the commission they receive from airlines Posted: 27 Dec 2009 06:42 AM PST Air travel agents will have to forego a part of the commission they receive from airlines on tickets sold by them, as the tax department has decided that such payments will be subject to tax deduction at source, or TDS. This could increase cost of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Applicability of year end rate for conversion of business income earned in foreign currency Posted: 27 Dec 2009 06:05 AM PST This article summarizes ruling of the Delhi Income Tax Appellate Tribunal (ITAT) in the case of DCIT v Dolphin Drilling Pte. Ltd. (Taxpayer) [2009-TIOL-754- 1TAT-DEL]. The ITAT held that the conversion of business income earned in foreign currency... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Allowability of depreciation on participatory right in the nature of license Posted: 27 Dec 2009 05:55 AM PST This article summarizes a recent ruling of the Delhi Income Tax Appellate Tribunal (ITAT) in the case of M/s ONGC Videsh Ltd. (Taxpayer) [2009-TIOL-758-ITAT-DEL] on the issue of allowability of depreciation on participatory right to carry out the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] MAT need not be based on audited accounts not complying with the prescribed format: ITAT Mumbai Posted: 27 Dec 2009 05:45 AM PST The ITAT held that for the computation of MAT, profits disclosed as per the audited accounts should be adopted, provided the accounts are prepared in the prescribed format. If the accounts are not so prepared, the Tax Authority may substitute the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Date for rolling out of GST could be announced on January 8 Posted: 27 Dec 2009 05:23 AM PST The date for rolling out the Goods and Services Tax could be announced on January 8, the Chairman of the Empowered Committee on State Finance Ministers, Asim Dasgupta, said today. "There will be a joint statement after a meeting with Finance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Excise duty exemptions will be phased out gradually in GST regime Posted: 27 Dec 2009 05:21 AM PST India may move to a dual Goods and Services Tax (GST) regime next year, but the Cenvat (excise duty) related exemptions, especially area-based ones, will not be withdrawn at one go for ushering in the new tax system. The Finance Ministry is not in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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